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Gone Egg Hunting

13 April 2017 by lberuti

DTCC has still not changed the revised policy of only releasing data regarding volumes 4 weeks in arrears, so we will not know for sure until late May, but relatively little risk changed hands today. It was another defensive, tight range session. Caution is still the order of the day, even if recent polls are showing dwindling support for Mr Melenchon in the first round of the French elections as people are paying now more attention to his program. Variations on the day were minimal on credit indices (iTraxx Main and CDXIG unchanged at 77bps and 67bps respectively, iTraxx Crossover and CDX HY 1bp tighter at 294bps and 344bps respectively) and single name reference CDS, even if the latter continued somewhat to play catch up with former, reducing bases in the process. In fact, many people were already away from their desk today and seem to have grabbed the opportunity offered by the fine weather to go egg hunting earlier than usual.